While the potential opportunities presented by Brazil’s step into the regulated domain are not lost on anyone, the prospects of the wider Latin American region cannot, and should not, be forgotten anytime soon.
Brazil has, of course, opened the door to a myriad of new opportunities for growth for European and LatAm gaming brands.
But according to Ugnius Simelionis, CEO of TG Lab, there are a number of hidden gems that have flown under the radar for far too long – namely Chile, Ecuador, Paraguay and Uruguay, where shifting regulations, rising digital adoption, and an enduring retail culture create a rich tapestry of opportunities.
In part two of a LatAm deep-dive, Simelionis takes a look at what exactly the continent has to offer, and crucially, how TG Lab plans to achieve its lofty ambitions.
Flying under the radar
When operators consider Latin America, Uruguay and Paraguay rarely feature as emerging opportunities — but that could soon change, Ugnius tells iGaming Expert.
Historically overshadowed by their larger neighbours, both countries are steadily improving their regulatory environments and unlocking opportunities for online operators.
Uruguay, with a population of just 3.5 million, boasts one of the region’s highest smartphone penetration rates at nearly 80%, paired with a digitally savvy population that have become increasingly open to online entertainment and betting.
While the current online sports betting market is limited to the state-run monopoly, Supermatch, there are signs that broader online licensing could soon follow. However, as Uruguay has been one of the slowest markets to move towards full de-monopolisation, it’s for this reason we haven’t heard much about it up until now.
In the short term, Supermatch is expected to defend its exclusive rights over sports betting, and discussions in Congress about opening up online gaming (including casinos) remain ongoing. If that liberalisation happens, then the market could soon come onto many big brands’ radars.
Onto Paraguay, which is home to around 7 million people and combines a well-established retail betting sector with a gradually modernising regulatory framework.
Unlike Uruguay, Paraguay has already made significant progress, with de-monopolisation now confirmed. At present, there is only one sports betting operator, but over 20 provisional online casino licences have been issued. In the coming years, the number of sports betting operators is expected to increase to three, signaling a more competitive landscape for the industry.
Moves towards a more transparent and competitive online licensing process signal clear potential for operators willing to invest early in local understanding.
“In smaller markets like Uruguay and Paraguay, agility is everything,” notes Simelionis. “You can’t just strong-arm your way into these markets with a product you’ve already used in Europe; you need to take a much more meticulous approach.”
For TG Lab’s CEO, this considered strategy is a testament to the company’s core ethos of ‘thinking global but acting local’, he explains.
Having gone from having zero presence in Latin America at the end of 2023, to now boasting a presence across five markets in the region a year later, the supplier is clearly doing something right.
The secret to growth: localisation
Brazil, he notes, is a prime example of a market that could easily become “a massive headache” for every operator, especially international entities occupying a space in multiple countries that are looking to take a ‘cookie cutter’ approach to product and branding.
“If you’re not ready for such small practical things, it can quickly become a massive headache for the business,” he states. “You can spend a lot of marketing money and have a lot of traffic, but if you’re not ready to truly localise your brand, most of the registrations will be unsuccessful.
“Providers, aggregators and platforms need to be ready. When everything is done it looks like a simple thing, but that’s why it matters. Brazil is a very good example for localisation. Either you adapt or your business will fail.”
But to localise your product effectively, you first need to have a strong understanding of how that individual market operates.
And he doesn’t mean just having a skim through the media news portals each morning – it’s a local presence and up-to-date regulatory insights that will help you understand the local dynamics.
You also need to have a strong understanding of local player preferences – without this, he says, you’ll be facing an uphill battle that rivals even the largest mountains.
“When you go to a restaurant, you don’t want the same menu that you can get everywhere. You want to try something specific to that city, country, wherever it might be. Expanding into new markets is the exact same.
“Expecting everyone to just like football isn’t enough. You need local research, curated content, and most importantly a customer journey that fits exactly what players have been used to for the past decade.”
For all the talk of scale and technological innovation taking place across the industry, the truth is that no one-size-fits-all platform can succeed across Latin America.
Every country, sometimes every province, brings its own regulatory quirks, payment preferences, and cultural idiosyncrasies.
“Localisation isn’t just language translation, it’s a fundamental design principle,” emphasises Simelionis.
“It’s about knowing whether players prefer to deposit via cash slips or digital wallets, understanding which leagues they bet on, and building UX flows that feel intuitive to them as locals – rather than what feels familiar to an operator sitting in London or Malta.”
New powerhouses
If Uruguay and Paraguay are the hidden gems, then Chile and Ecuador are the emerging powerhouses where regulatory change could unlock billions in new revenue.
With populations of 19 million and 18 million respectively, these countries offer scale but also come with an added complexity of intricate regulations.
Chile, long regarded as one of the region’s most attractive new iGaming prospects, has spent years debating a comprehensive online gambling framework.
Now, with formal legislation expected before the end of 2026, operators must prepare for a market that will demand player protection, robust taxation models, and responsible gaming transparency — all while satisfying an avid football betting audience.
In Ecuador, that shift towards embracing gambling regulation is even more dramatic. Historically dominated by offshore operators, Ecuador’s government has accelerated efforts to create a licensed, tax-contributing iGaming ecosystem.
Once regulations solidify, 10-15% annual growth in online betting handle is not unrealistic. The pending presidential election in March 2025 will be crucial. If President Noboa is re-elected, industry experts expect full regulation and iGaming regulation to follow shortly thereafter.
Major international operators are already eyeing the market for early entry opportunities, so the opportunities could be unbounded – if done right.
Simelionis continues: “It’s clear to see that the opportunities here are immense; growth here demands both flexibility and foresight in equal measure.
“Operators need a partner that not only has their ears to the ground for understanding local developments, but they also need a partner that can help them launch fast and pivot even faster.”
TG Lab’s ‘think global, act local’ philosophy is more than a slogan; it’s embedded in its platform DNA. With flexible architecture capable of toggling between different KYC processes, regulatory requirements and responsible gaming controls, TG Lab’s clients enter each market with confidence, not compromise.
Unlocking LatAm’s next chapter
The opportunity in Latin America no longer hinges solely on Brazil or Colombia. Markets like Uruguay, Paraguay, Chile and Ecuador offer compelling growth prospects, but only for operators willing to go beyond the surface-level opportunity analysis and invest in genuine local expertise.
Latin America’s iGaming frontier is far from fully charted. But for those ready to think global, act local, the rewards will belong to the bold.
“TG Lab’s role is to make that growth possible for our partners, blending global platform strength with local market agility, so operators can turn opportunity into sustainable success, one market at a time,” concludes Simelionis.
